Silver prices ended lower on Friday tracking weakness in base metals prices amid bullion traders have turned bearish due to the Fed’s upbeat domestic economic assessment on Tuesday.  Ben Bernanke, the Fed Chief stated, he saw clear signs of an improving economy and expected the unemployment rate to keep falling. The Fed added that strains in the global financial markets have eased. However, policymakers reiterated their intention to keep the benchmark interest rate unchanged at a record low through late 2014 and made no changes to its Operation Twist program to replace shorter-term Treasuries in its balance sheet with longer-term debt. Investors are now looking to the Fed's policy meetings in April and June for decisions about any new directions for policy. At both meetings, Bernanke will hold a news conference and officials will make public updated economic and interest rate projections. The silver coin market was rocked by the announcement from the U.S. Mint that sales of its American Eagle Silver coins had fallen by a whopping 75.6 percent in February to just 1.49 million troy ounces. This compared poorly with the much (suspiciously) healthier silver coin sales of 6.107 million troy ounces the U.S. Mint saw in January, which was the best comparable coin sales result seen since August of 2011. Now technically market is trading in the range as RSI for 18days is currently indicating 44.76, where as 50DMA is at 58401.24 and silver is trading below the same and getting support at 57172 and below could see a test of 57106 level, And resistance is now likely to be seen at 57292, a move above could see prices testing 57346.

Trading Ideas:

Silver trading range for the day is 57106-57346.

Silver ended lower on Friday tracking weakness in base metals as traders turned bearish after Fed’s assessment

Ben Bernanke saw clear signs of an improving economy and expected the unemployment rate to keep falling

U.S. Mint announced that sales of its American Eagle Silver coins had fallen by a whopping 75.6% in February